Elon Musk continues stirring up interest in Dogecoin. In 2013, the coin was created as a humorous response to the hype around virtual money. According to Elon Musk, the meme coin will soon conquer the world. In fact, the project that was launched like a joke has turned into a real financial instrument.
Most crypto investors had been sure that the words said by the Tesla founder would boost the price of Dogecoin. However, the result failed to meet their expectations. Just in one hour, the cryptocurrency nosedived to 48 cents from 66 cents. Nevertheless, Dogecoin was the best instrument to invest in during the last six months. Its exchange rate skyrocketed by 26,000%.
Such a growth pace of the cryptocurrency, which features the face of the Shiba Inu dog from the "Doge" meme, significantly exceeded the performance of other investment instruments.
Notably, in April, Tesla CEO Elon Musk wrote two tweets devoted to Dogecoin. In the first one, he described the asset as the “people's crypto” and then, compared its logo with the well-known painting by a Spanish artist and wrote “Doge Barking at the Moon”. Both tweets caused a rise in the Dogecoin price. By the moment, the market capitalization (the total value of all the units in circulation) of the meme coin hit $92 billion.
